Banking institutions are unconditional crypto-skeptics, this seems to be their innate nature, out of any logical foundation, with only purpose of keeping their own interests.
Yet, it seems that the trend is changing.
After Circle, the start-up funded by Goldman Sachs, that has bought Poloniex; after Rabobank creating its own cryptocurrency wallet service, now it is the turn of a Liechtenstein-based bank to offer to its clients a direct investment service in crypto-currencies and the cold storage.
It’s a first at Liechtenstein
This service is unheard of in this principality, which, like its neighbor Switzerland, has one of the most successful banking systems in the world.
According to Bank Frick, it is not only targeting Liechtenstein’s small population, but instead is tarting to attract other investors from European countries. Hubert Büchel, a representative of the Frick bank, says that there is a real need for this kind of new offer in the entire Europe. According to the latter, the banks must now play the role of a connector between the various professional activities in relation to cryptocurrencies and blockchain.
The new possibility to store your crypto-currencies at the bank
Frick’s main target customers are “professional market participants and financial intermediaries”, and thus aim to help those who are active in the world of finance and entrepreneurship. You have the choice between five types of cryptocurrencies to store: Bitcoin, Bitcoin Cash, Litecoin, Ripple and Ethereum. So far, only these five are allowed to be saved on your Frick Banks’ account and it’s no need of virtual wallet.
The cold storage is one of the most interesting available options, rather than having your cryptocurrencies on a current account, you can decide to freeze them at the bank for a while.
Like Robabank’s initiative, Frick’s is not a first. Swiss banks such as Vontobel and Falcon Private Bank already offer this service.
In the Netherlands, another bank propose a product called Rabobit, for cryptocurrencies users. This would allow credit card holders issued by the bank to use it to store cryptocurrencies coins.
If several banks continue to show interest in cryptocurrencies such as these institutions, this will undoubtedly have a positive effect on the value of these.
There is clearly a change in the banking sector’s policy which is beginning to find its interest in this universe of cryptocurrencies
A massive turnaround, which shows that nothing, nor anyone seems to stop the Blockchain.
At the pace things actually goes, cryptocurrencies occupying a major role in the financial industry may be unavoidable.